File #: R2024-182    Version: 1
Type: Resolution Status: Regular Agenda
File created: 9/11/2024 In control: City Council
On agenda: 11/12/2024 Final action:
Title: Consider approving Resolution No. 2024-182 authorizing the City Manager to negotiate and execute a contract with QBE for Medical Stop-Loss Insurance for the plan year 2025 in an amount not to exceed $603,076.92; and take appropriate action.
Attachments: 1. Resolution No. 2024-182, 2. Stop Loss Policy, 3. Presentation
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Title

Consider approving Resolution No. 2024-182 authorizing the City Manager to negotiate and execute a contract with QBE for Medical Stop-Loss Insurance for the plan year 2025 in an amount not to exceed $603,076.92; and take appropriate action.

 

Body

REQUESTER:

Human Resources Department

 

BACKGROUND:

Stop-loss insurance is a product that provides protection against catastrophic or unpredictable losses. It is purchased by employers who have decided to self-fund their employee benefits plan but do not want to assume 100% of the liability for losses arising from the plan. Under a stop-loss policy, the insurance company becomes liable for losses that exceed a certain attachment limit called deductibles. The City has an aggregate attachment of $80,000 and a single attachment of $150,000.

 

DISCUSSION:

The proposed Resolution authorizes the City Manager to negotiate and sign a contract for Medical Stop-Loss Insurance with QBE on behalf of the City for such coverage at a cost not to exceed $603,076.92 for the 2025 plan year.

 

FISCAL IMPACT:

Budgeted Financial Impact of $603,076.92 budgeted in the FY 24-25 budget.

 

POSSIBLE COUNCIL ACTION:

1.                     I move to approve Resolution No. 2024-182 as presented.

2.                     I move to approve Resolution No. 2024-182, with modifications

3.                     I move to table the issue for further study or take no action.

 

ATTACHMENT(S):

1.                     Resolution No. 2024-182

2.                     Stop Loss Policy

3.                     Presentation